Why Consulting a Broker is an Essential Part of your Mortgage Journey
Image Source: Pixabay
Buying a property is perhaps the largest purchase a person will make in their lifetime. There are hundreds of loans on the market that are almost impossible to sift through without help. That is why it is invaluable to find a reliable and trustworthy mortgage broker to guide you through the process.
A broker is essentially the go-between of lenders and borrowers, with direct access to a wide range of products offered by both traditional and non-traditional lenders. Brokers have a thorough understanding of the various products and interest rates offered and can compare the most suitable options based on individual circumstance you otherwise wouldn’t receive. They act as the wheels to your mortgage car, moving you through the process smoothly and with ease.
Brokers operate under a “responsible lending” obligation to ensure a borrower can afford repayments on a loan. However, they are genuinely interested in your financial situation and needs. They aim to build positive relationships with their clients and make them feel comfortable and confident throughout their journey.
A broker’s role is to assess your personal finances and encourage you to ask the right questions, which could be considering the advantages of choosing a fixed, variable or split home loan. Their services are free and face-to-face, and many will be more than happy to visit clients at their homes and even answer their calls after hours.
By assessing your basic income and any other financial commitments, they determine the realistic amount you can borrow. Not only that, but they tailor a package that includes the rates most suitable for you based off of real-time information they receive from their meetings with you.
Brokers go the extra mile to ensure your application and loan payments are processed and make sure to speak to the right person if something were to go wrong. Brokers think in the long term, and advocate the best deal for you throughout the life of the loan. This may include using their relationships to negotiate rate discounts and other benefits, and staying on top of any penalty fees or hidden charges that may come up in the future.
The most important thing is a good broker is always learning. To be qualified, a broker must hold a diploma in Finance and Mortgage Broking Management, along with an Australian credit licence. As members of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA), they attend ongoing training sessions to stay updated on all current trends and practices. Not only that but they must be accredited with all lenders, and undergo regular lender update seminars. With various qualifications, experience and an extensive body of knowledge behind them, brokers are essential in the mortgage process.
At Select, we pride ourselves on the impeccable service we provide to our clients. Our top priority is finding the best possible deals, rates, and products to best suit their needs. We offer quality advice, and our services are free of charge.
Buying a property is perhaps the largest purchase a person will make in their lifetime, so why not choose someone who will stick with you throughout the process.